Business Today

Sensex falls 300 points, Nifty trading below 10,800; Vedanta, M&M, Tata Steel top losers

Of 30 Sensex stocks, 24 were trading in the red. TCS (1.08%), Sun Pharma (0.72%), Infosys (0.68%) and ICICI Bank (0.36%) were the top Sensex gainers.

twitter-logoBusinessToday.In | January 2, 2019 | Updated 13:19 IST
Sensex falls over 300 points, Nifty below 10,800; Vedanta, M&M, Tata Steel top losers

The Sensex and Nifty extended losses in afternoon trade on profit booking and investors turning cautious before corporate results begin to roll in next week while local indexes also tracked a decline in broader Asia.

While the Sensex fell 300 points to 35973, Nifty lost 100 points to 10,804.  

Of 30 Sensex stocks, 24 were trading in the red.

TCS (1.08%), Sun Pharma (0.72%), Infosys (0.68%) and ICICI Bank (0.36%) were the top Sensex gainers.

Top Sensex losers were Vedanta (3.41%), M&M (3.87%) and Tata Steel (2.99%).

On Tuesday, the Sensex closed 186 points higher at 36,254 and Nifty ended 47 points in the green at 10,910.

Top sectoral losers were auto and metal stocks with the BSE auto index falling 481 pts to 20,245 and BSE metal index losing 288  pts to 11,463.

"There is lack of volume (in Indian shares) and we're very close to the recent highs, leading to some profit-booking," said Siddharth Sedani, head of equity advisory at Anand Rathi Financial Services in Mumbai.

"The earnings season will give some triggers. We should be around 11,000 levels before it begins," he added, referring to the broader Nifty.

IT services giant Tata Consultancy Services Ltd will kick off the corporate earnings season with results for the December-quarter scheduled for January 10.

Meanwhile, the mid cap and small cap indices were trading 105 points lower  and 57 points lower in afternoon trade.

Market breadth was negative with 914 stocks trading higher compared to 1381 falling on the BSE.

The Eicher Motors stock fell 5.28% to 21,958 level after its two-wheeler division Royal Enfield reported a 13 per cent decline in total sales to 58,278 units in December.

The company had sold 66,968 units in December last year.

Domestic sales stood at 56,026 units last month as compared with 65,367 units in December 2017, a dip of 14 per cent.

Metal stocks also traded lower, with the Nifty metal index falling 1.9 percent. JSW Steel Ltd and Vedanta Ltd fell about 3 percent each.

Shares in Jet Airways Ltd sank over 3 percent after the airline said it had delayed debt payments to a consortium of Indian banks.

Global markets

Asian stock markets tumbled Wednesday as 2019 trading began, after surveys showed Chinese manufacturing weakening.

The Shanghai Composite Index lost 1.1 percent to 2,465.29 and Hong Kong's Hang Seng fell 2.6 percent to 25,161.03. Japan's markets were closed. Seoul's Kospi lost 1.3 percent to 2,013.80 and Sydney's S&P-ASX 200 shed 0.9 percent to 5,593.80. Manila advanced while Singapore and Jakarta retreated. New Zealand was closed.

Brent crude, used to price international oils, slumped 53 cents to $53.27 per barrel in London. It added 59 cents the previous session to close at $53.80.

Edited by Aseem Thapliyal

  • Print

A    A   A